Trading Symbol:
SLI (TSX Venture Exchange)
EKL (Frankfurt Exchange)
SELSF (U.S. Clearing Symbol)
News Release 2007-08
March 14, 2007
Carmi (Kettle River) Molybdenum Property � Rhenium
Encountered
Lori McClenahan, President of St. Elias Mines Ltd. (�St. Elias� or the
�Company�), is pleased to announce that additional assays received from Hi Ho
Silver Resources Inc. for the Carmi (Kettle River) Molybdenum Property (the
�Property�) located in southwestern British Columbia have revealed a welcome surprise.
The first two holes of an ongoing drilling program on the Property have been
assayed for rhenium and significant values are present. Hi Ho has an option to
acquire up to 70% interest in the Property from St. Elias Mines Ltd.
The first two holes (drill holes 06-190 and 06-191) were drilled in
December 2006 to test molybdenite bearing mineral zones at the Lake Zone and
initial results were announced on February 6, 2007.
The following table presents the overall assay results from both drill
holes.
Hole
ID
|
From - m
|
To - m
|
Interval - m
|
MoS2 � %
|
Re � g/t
|
06-190
|
3.05
|
142.36
|
139.31
|
0.128 %
|
0.055
|
Including
|
3.05
|
16.82
|
13.77
|
0.268 %
|
0.122
|
Including
|
33.88
|
55.28
|
21.4
|
0.225 %
|
0.086
|
06-191
|
282.09
|
443.71
|
161.62
|
0.033 %
|
0.012
|
Including
|
388.8
|
443.71
|
54.91
|
0.057 %
|
0.015
|
Including
|
402.72
|
421.73
|
19.01
|
0.109 %
|
0.015
|
* MoS2 x 0.5994 = Mo
Hi Ho is currently conducting an initial 2,000 metre drill program.
The drill program has been designed to test chargeability anomalies developed
from results of a 3D-IP geophysical survey completed in October 2006 and to
confirm grades reported from previous drilling. Since early February 2007, Hi
Ho has completed an additional four Diamond drill holes to test IP geophysical
anomalies on the western edge of the E Zone and sections of the E Zone.
Rhenium is an extremely rare and valuable metal that is primarily used
in high temperature alloys and catalysts. It is used extensively in the US aerospace and
superalloy industries. Other uses are in electronic devices, heating elements,
metallic coatings, temperature controls and thermocouples. Rhenium is
recovered as a by-product from molybdenite concentrates from porphyry copper �
molybdenum ore and can add substantial value to the ore.
Lori McClenahan, President of St. Elias Mines Ltd., stated that �Rhenium's supply-demand balance is very tight. The
number of rhenium producers has fallen significantly over the past decade, to
the point where very few companies now supply almost all of current world
demand. Spot prices of rhenium have been quoted at anywhere between $2,500 per
pound ($5.51per gram) according to www.engelhard.com
website and exceeding $5,000 per troy ounce by www.taxfreegold.co.uk/rheniumpricesusdollars.html\.�
All drill core was logged, split and sampled at a secure core facility
at Beaverdell. The work program at Carmi was designed and is supervised by Paul Reynolds, P. Geo. and Michael Sanguinetti, P. Eng. who are independent qualified persons
under the definition of National Instrument 43-101. They are responsible for
all aspects of the work including the quality control/quality assurance
program. On-site personnel at the project collect and track samples which are
then sealed and shipped to Acme Analytical Laboratories Ltd. in Vancouver. Acme�s quality control system complies with the requirements for the
international standards ISO 9001:2000. Analytical accuracy and precision are
monitored at the laboratory by the analysis of reagent blanks, reference
material and replicate samples. Quality control is further assured by the use
of international and in-house standards. Blind certified reference material is
inserted at regular intervals into the sample sequence by on site personnel in
order to independently assess analytical accuracy. Finally, blind duplicate
samples are forwarded to Acme for additional quality control.
Paul Reynolds, P. Geo., a
qualified person as defined by National Instrument 43-101, has supervised the
preparation of the scientific and technical information that forms the basis
for this news release.
For additional information on St. Elias and its
projects, please visit us at www.steliasmines.com or call 1-888-895-5522 (toll
free US and Canada).
ST. ELIAS
MINES LTD.
(signed
�Lori McClenahan�)
Lori
McClenahan,
President
The TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or the accuracy of the contents of this
document.
This news release contains forward-looking statements regarding the
ongoing and upcoming exploration work and expected geometry of geological
formations and structures. Actual results may differ materially from those
currently anticipated in such statements.